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Illinois divorce lawyersFor the thousands of Americans that elect to pursue a divorce each year, separating from a former-spouse can be an incredibly positive life-changing decision. However, parties must be prepared to live independently once the divorce process is finalized. Financial independence is, arguably, one of the more difficult aspects to master, post-divorce. As such, it is critical that parties start to prepare for financial independence as soon as possible. One of the best places to start is to consult with a seasoned divorce lawyer about the health of your finances, and how the divorce could impact it, moving forward.

Steps to Securing Financial Stability

Once your divorce has been finalized, you need to act quickly to ensure long-term financial security. A quality attorney can help you develop an action plan, and begin working towards financial independence.

Develop a New Budget: After your divorce, it is important to recognize that you are no longer able to count on the income of your former spouse. The development of an independent budget can help you make decisions about what kind of housing options you can afford, what extracurricular activities your children can participate in, and whether or not you need to make various changes to your lifestyle. Budgeting for your new lifestyle can be a laborious task, but it can also save you from an unsustainable financial future.

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Posted on in Divorce

Wheaton divorce lawyersHere in the state of Illinois, divorce rates have steadily declined since the 1990’s. Still, hundreds of Illinoisans make the difficult decision to divorce from their spouse, every year. Nationwide, thousands of Americans get divorced on an annual basis. These divorces can be brought on by infidelity, unhealthy parenting dynamics, and a lack of love for the spouse. Yet, in many cases, the decision to pursue a divorce is considered due to one issue: the reckless and irresponsible spending of a spouse.

Staying in a relationship with a partner that recklessly spends money, can ultimately compromise the financial security of you and your family. If your partner, is behaving in a financially reckless manner, it may be time to consider contacting a divorce attorney.

Signs That Your Financial Health Is At Risk

Understanding when it is time to make an emotional relationship change based on financial security can be challenging. It is important to know when to get out of a financially reckless relationship before it is too late. If your partner begins making decisions that impact your savings or retirement, is spending large quantities of money without consulting you or is lying to you about the landscape of your financial future, it may be time to consider a divorce. Making the decision to remove yourself from a relationship based on finances, can feel cold, but after all other avenues have been explored, a divorce may be the right, and only, option.

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Divorce is a highly complex legal process with numerous financial pitfalls. Some are minor in nature and may cost you little. Others could potentially lead to a significant depletion of your financial resources. Thankfully, there are ways you can mitigate the risks. The following information covers some of the most common financial mistakes made during divorce, and provides some tips on how you can potentially avoid them.

Failing Get All Financial Documents in Print

In today's day and age, most people use online banking, digital debt statements, and email notifications for important accounts. In fact, society has become so reliant on their digital access that few consider they might lose it while going through divorce. Unfortunately, this can and does happen far more frequently than most realize. Your spouse might change the password to your bank account, or they might lock you out of the family computer. So whatever you do, never rely on just digital copies of financial documents. Print them out instead.

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